Tonnage tax scope expanded to include inland vessels, extending section 115VT transfer provisions to inland navigation. The amendment expands the tonnage tax reserve transfer provisions by inserting 'or new inland vessel, as the case may be' wherever 'new ship' appears in the section, substitutes parallel wording in the clause governing transfer mechanics, and revises the Explanation to define 'new ship or new inland vessel'; these changes take effect from 1st April, 2026 and apply to the subsequent assessment year and thereafter.
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Provisions expressly mentioned in the judgment/order text.
Tonnage tax scope expanded to include inland vessels, extending section 115VT transfer provisions to inland navigation.
The amendment expands the tonnage tax reserve transfer provisions by inserting "or new inland vessel, as the case may be" wherever "new ship" appears in the section, substitutes parallel wording in the clause governing transfer mechanics, and revises the Explanation to define "new ship or new inland vessel"; these changes take effect from 1st April, 2026 and apply to the subsequent assessment year and thereafter.
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